Australian employment tumbled more than expected and the jobless rate rose as a surge in cases of the Delta variant of SARS-CoV-2 kept businesses shuttered in the country’s two biggest cities.
The economy shed 138,000 roles last month, compared with economists’ estimate of a 110,000 drop, data from the Australian Bureau of Statistics showed yesterday.
The unemployment rate advanced to 4.6 percent, although still less than economists’ forecast of 4.8 percent.
The participation rate slumped to 64.5 percent from 65.2 percent in August
“Extended lockdowns in New South Wales, Victoria and the Australian Capital Territory have seen employment and hours worked both drop back below their pre-pandemic levels,” bureau head of labor statistics Bjorn Jarvis said in a statement. “The low national unemployment rate continues to reflect reduced participation during the recent lockdowns, rather than strong labor market conditions.”
The result reflects months-long lockdowns along Australia’s populous east coast, with Sydney only this week making tentative moves toward reopening.
The labor market had been one of the strongest parts of the A$2 trillion (US$1.5 trillion) economy prior to the COVID-19 outbreak and the Reserve Bank of Australia said that employers have tried to stay connected with staff in the expectation of a quick rebound.
The weak figures underscore the need for monetary policy to remain accommodative.
The central bank has reiterated the need for the cash rate to remain at an all-time low of 0.1 percent until at least 2024 as wage and inflation pressures are likely to remain subdued.
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